- Pub-focused technology group Vianet reported a 10% fall in annual profit and scrapped its annual dividend amid uncertainty created by the Covid-19 crisis.

Pre-tax profit for the year through March declined to £2.4m, down from £2.7m on-year, even as revenue rose 3.8% to £16.3m.

Adjusted operating profit, pre-exceptional costs, amortisation and share based payments rose 4.5% to £4.03m.

'From the very outset of the pandemic, our goal has been to preserve cash to ensure both business continuity and to enable ongoing investment in the business, with the aim of being strongly positioned for the Covid-19 exit phase,' chairman James Dickson said.

'Whilst these are still early days, we are encouraged that April's trading performance was well ahead of our revised forecasts, and that the measures we have taken to protect the business have been successful, giving us confidence that we are well positioned to exit from the Covid-19 phase with momentum to accelerate our growth plans.'

At 8:04am: [LON:VNET] Vianet PLC share price was +6.5p at 89p

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